Rising investments in healthcare IoT solutions, implementation of IoT solutions for cost reduction, and the growing penetration level of connected devices in the healthcare industry are few factors projected to spur the IoT healthcare industry.
Scope of the Report:
Growing awareness for advancement in AI technology and disease management tools such as remote patient monitoring, telemedicine, and Health Management Information Systems (HMIS) is also anticipated to gain traction globally. For instance, as per Healthcare Intelligence Network (HIN) report in 2014, over 30% of the U.S. population with chronic disorders focuses on homebound treatment with remote monitoring programs.
Healthcare sector has started focusing on implementing IoT & AI technology to improve patient care by various technologies including interoperability of medical devices, digital patient experience, and scalable therapeutics. UroSense App by Future Path Medical for catheterized patients to check their body temperature and urine output, Niox Mino App by Aerocrine for routine measurements of Intric Oxide in a patient’s breath are few apps launched by healthcare sector implementing IoT technology. Additionally, OpenAPS (Open Artificial Pancreas System) for closed loop insulin delivery, Continuous Glucose Monitoring (CGM) system, connected inhalers, and ingestible sensors are few advanced IoT technologies implemented in healthcare industry. Nanobots & robotic flight stimulator surgeries, increasing demand for effective treatment, big data analytics in healthcare, and increasing awareness for upgraded technologies among patients are some of the trends shifting the global healthcare industry towards IoT applications. Moreover, increasing demand for low-cost disease management & treatment, accuracy of sensors, lack of exposure in emerging regions, and rising prevalence of chronic diseases are creating opportunities for the IoT healthcare market over the forecast period. Although, rising concerns about patient privacy and security breaches might affect the global market over the forecast period.
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On the basis of component, the report displays the revenue, market share and growth rate of each type, primarily split into:
• System & Software
On the basis of application, the report displays the revenue, market share and growth rate of each type, primarily split into:
• Medication Management
• Clinical Operations
• Inpatient Monitoring
• Connected Imaging
On the basis of end-user, the report displays the revenue, market share and growth rate of each type, primarily split into:
• Hospitals, Surgical Centers, and Clinics
• Clinical Research Organization (CRO)
• Government and Defense Institutions
• Research and Diagnostics Laboratories
Remote device management is anticipated to hold the largest revenue share in software and systems segment owing to rising awareness regarding tele-health technology, increasing demand for technologically advanced remote patient care programs, and growing prevalence chronic diseases.
Hospitals and clinics have been anticipated to acquire the largest share over the forecast period. Increasing efficiency, growing focus on better patient care and reducing treatment cost, are few factors contributing to the industry growth. Furthermore, growing awareness regarding the benefits of IoT implementation in healthcare centers is also a substantial factor for the largest market share.
Adoption of IoT in research and diagnostic centers enable reduction in diagnostic cost, improvement in patient care, and reduction of machine downtime accelerating the usage of connected equipment. Inpatient monitoring has been projected to emerge as the largest application segments owing to rising demand for continuous patient care services, real-time disease management, and effective treatment outcomes.
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By Key Pleyers:
Overview of market leaders in IoT Healthcare market by top manufacturers/players, with IoT Healthcare revenue (Billion USD) and market share for each manufacturer/player; the top players including Medtronic Inc., Koninklijke Philips N.V., General Electric Company, International Business Machine (IBM) Corporation, Microsoft Corporation, Cerner Corporation, Proteus Digital Health Inc., AdhereTech Inc., Google, and Cisco Systems.
R&D activities, new advanced product launches, mergers & acquisitions, and expansions are few strategies adopted by industry players to cater to the needs of the industry. For instance, in 2015, the International Business Machine Corporation (IBM) collaborated with Medtronic PLC to provide IoT services for Medtronics medical devices data. A major chip manufacturer Qualcomm Life Inc. has acquired medical device data integration provider Capsule Technologie in 2014.
By Regional Analysis:
Geographically, the global market report has been split into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate of IoT Healthcare market for these regions, from 2015 to 2025 (forecast),
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America
North America is estimated to dominate IoT healthcare market owing to few major contributing factors including data protection of EHR & IPR regulations and sophisticated healthcare IT infrastructure. Moreover, local presence of key players such as Microsoft & IBM, continuous R&D initiatives by the key players, and faster implementation of IoT in healthcare centers are also projected to boost the usage rate. Asia Pacific region is predicted to emerge as fastest growing region over the forecast period. Growing government initiatives for healthcare providers & other organizations to implement EHR & EMR technology is one of the major factors foreseen to boost the market.
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